Matching Items (6)
Filtering by
- Creators: Arizona State University
- Creators: Wang, Jessie
Description
By matching a CEO's place of residence in his or her formative years with U.S. Census survey data, I obtain an estimate of the CEO's family wealth and study the link between the CEO's endowed social status and firm performance. I find that, on average, CEOs born into poor families outperform those born into wealthy families, as measured by a variety of proxies for firm performance. There is no evidence of higher risk-taking by the CEOs from low social status backgrounds. Further, CEOs from less privileged families perform better in firms with high R&D spending but they underperform CEOs from wealthy families when firms operate in a more uncertain environment. Taken together, my results show that endowed family wealth of a CEO is useful in identifying his or her managerial ability.
ContributorsDu, Fangfang (Author) / Babenko, Ilona (Thesis advisor) / Bates, Thomas (Thesis advisor) / Tserlukevich, Yuri (Committee member) / Wang, Jessie (Committee member) / Arizona State University (Publisher)
Created2018
Description
Bitcoin is a form of virtual currency that can be used as a medium of exchange for goods or services. Different from other forms of virtual payment, bitcoin is de-centralized and puts all of the power in the hands of the user, rather than a banking institution. However, bitcoin's ability to develop as a renowned medium of exchange has been impeded, potentially due to a lack of knowledge, active bitcoin platforms, and support. In this paper, I conduct a survey to understand factors that affect households' adoption of bitcoin. In particular, I focus on factors that capture the potential benefit and cost of adopting bitcoin. Through a public survey, participants are asked a series of questions on their willingness to adopt bitcoin. I found significant results stating that subjects were more inclined toward bitcoin contingent upon the number of platforms accepting it, the number of acquaintances using bitcoin, and the degree of personal knowledge participants have about bitcoin. These findings suggest that perceived benefit captured by network effect and convenience of use, as well as the potential cost captured by uncertainty help shape the adoption of bitcoin.
ContributorsMorrissey, Michael Joshua (Author) / Wang, Jessie (Thesis director) / Ray, Colter (Committee member) / Department of Finance (Contributor) / Barrett, The Honors College (Contributor)
Created2016-12
Description
The success of Bitcoin has generated significant interest in the financial community to understand whether the technological underpinnings of the cryptocurrency paradigm can be leveraged to improve the efficiency of financial processes in the existing infrastructure. Various alternative proposals, most notably, Ripple and Ethereum, aim to provide solutions to the financial community in different ways. These proposals derive their security guarantees from either the computational hardness of proof-of-work or voting based distributed consensus mechanism, both of which can be computationally expensive. Furthermore, the financial audit requirements for a participating financial institutions have not been suitably addressed.
This thesis presents a novel approach of constructing a non-consensus based decentralized financial transaction processing model with a built-in efficient audit structure. The problem of decentralized inter-bank payment processing is used for the model design. The two key insights used in this work are (1) to utilize a majority signature based replicated storage protocol for transaction authorization, and (2) to construct individual self-verifiable audit trails for each node as opposed to a common Blockchain. Theoretical analysis shows that the model provides cryptographic security for transaction processing and the presented audit structure facilitates financial auditing of individual nodes in time independent of the number of transactions.
This thesis presents a novel approach of constructing a non-consensus based decentralized financial transaction processing model with a built-in efficient audit structure. The problem of decentralized inter-bank payment processing is used for the model design. The two key insights used in this work are (1) to utilize a majority signature based replicated storage protocol for transaction authorization, and (2) to construct individual self-verifiable audit trails for each node as opposed to a common Blockchain. Theoretical analysis shows that the model provides cryptographic security for transaction processing and the presented audit structure facilitates financial auditing of individual nodes in time independent of the number of transactions.
ContributorsGupta, Saurabh (Author) / Bazzi, Rida (Thesis advisor) / Ahn, Gail-Joon (Committee member) / Herlihy, Maurice (Committee member) / Arizona State University (Publisher)
Created2016
Description基于人类加密学，第一例加密数字货币“比特币”的概念最初由中本聪在2008年11月1日提出，于2009年1月3日正式诞生。经过14年的历程，整个加密货币世界得到了快速的发展、加密生态得到了极大的繁荣、有利的推动了整个人类数字文明的衍进和发展。截至2021年5月，加密货币总市值达到2.4万亿美元的峰值，加密数字货币的数量已经近6000种。单只市值超过10亿美元的数字货币有77个，单只市值超过100万美元的数字货币有1600个。虽然对加密货币究竟应该定义为商品还是证券仍存在巨大争议，但毫无疑问的是加密货币已经成为瞩目且不可忽视的一类投资性资产。
本论文试图从金融资产分析框架和行为金融学角度出发，探究比特币和以太币这两只最具有代表性的数字货币的价格影响因素。本论文分别从宏观和微观两个维度探究两个维度下的因素对价格波动的影响。从宏观视角出发探究问题一：通缩发行机制、联储货币政策、以及中美监管政策对比特币及以太币价格的影响。从微观视角出发探究问题二：加密货币的应用、市场行为金融的视角看其比特币及以太币价格波动的影响。
本论文通过应用定性和定量相结合的研究分析方法，运用一系列时间序列回归模型、相关性分析、区间统计分析、经典行为金融学动能效应模型等工具对上述两个维度的问题进行深度研究和论证，发现各个角度中所涵盖的因素对以比特币和以太币为代表的数字货币价格的影响，同时涵盖了影响的方向和影响的层度，并构建多因素定价模型。
ContributorsLiu, Hongjie (Author) / Zhang, Zhongju (Thesis advisor) / Hu, Jie (Thesis advisor) / Zheng, Zhiqiang (Committee member) / Arizona State University (Publisher)
Created2023
Description2020年的疫情导致全球多数经济体进行史无前例的货币超发，美国的货币超发水平甚至超过二战时期，货币总量快速上升推升资产价格，比特币成为大类资产中的领跑者，越来越受到市场的关注和重视，作为新生事物，全球监管机构对比特币普遍持谨慎态度，主流金融机构虽然对比特币有所关注，但是研究并不深入。本文通过研究加入比特币的资产配置模型投资效果，以及比特币给投资组合带来的边际变化，全面说明比特币在资产配置中的作用，并以一个常见的基础配置模型为出发点，讨论不同参数取值下，资产配置结果的差异，并从统计学角度总结出收益及风险角度的一般化特征。其次，对比特币的金融特性从宏观因素、自回归趋势、格兰杰因果检验等多个角度进行分析，解析比特币的特性。研究发现，比特币具有高风险高收益特征，且其风险收益比优于其它主流金融主权定价锚资产，加入比特币后，组合的收益增益非常明显。且无论投资者怎么选择起始时间、采取何种方式预测收益及风险，在多长时间范围内进行再平衡，投资组合均有80%以上的概率实现收益提升，且收益提升幅度大于风险提升幅度。从最优投资点推广到一般化的投资有效前沿上，以上结论依然成立，且评估投资有效前沿时，重复随机抽样后，投资组合夏普率提升的概率亦达到71%以上。更进一步，为规避收益预测参数不稳定对投资结果的影响，改进收益预测方式，基于波动率大小压缩预测收益后，预测结果能抵御资产短期扰动带来的影响。最后，笔者从比特币的自相关性、格兰杰因果检验与宏观因素影响角度研究了比特币资产的特性，发现比特币具有极强的价格趋势，且资产配置中，其价格趋势是提升组合夏普率的主要贡献来源。在采用工业增加值（IAV）、M2解释比特币的价格变化时，发现比特币与宏观因子之间的关系并不显著，且比特币与其他资产收益的绝大多数格兰杰因果关系检验结果不显著，这说明比特币价格变化受自身特性的影响更大，但是当剔除比特币的极端收益时，比特币与宏观因素之间的相关关系变得局部显著。本文是典型的实践型论文，具有非常强的实战指导价值，可以为资产配置实践者提供借鉴。
ContributorsYun, Zhijie (Author) / Huang, Xiaochuan (Thesis advisor) / Li, Feng (Thesis advisor) / Zhu, Ning (Committee member) / Arizona State University (Publisher)
Created2023
Description
The lack of fungibility in Bitcoin has forced its userbase to seek out tools that can heighten their anonymity. Third-party Bitcoin mixers utilize obfuscation techniques to protect participants from blockchain analysis. In recent years, various centralized and decentralized Bitcoin mixing implementations have been proposed in academic literature. Although these methods depict a threat-free environment for users to preserve their anonymity, public Bitcoin mixers continue to be associated with theft and poor implementation.
This research explores the public Bitcoin mixer ecosystem to identify if today's mixing services have adopted academically proposed solutions. This is done through real-world interactions with publicly available mixers to analyze both implementation and resistance to common threats in the mixing landscape. First, proposed decentralized and centralized mixing protocols found in literature are outlined. Then, data is presented from 19 publicly announced mixing services available on the deep web and clearnet. The services are categorized based on popularity with the Bitcoin community and experiments are conducted on five public mixing services: ChipMixer, MixTum, Bitcoin Mixer, CryptoMixer, and Sudoku Wallet.
The results of the experiments highlight a clear gap between public and proposed Bitcoin mixers in both implementation and security. Today's mixing services focus on presenting users with a false sense of control to gain their trust rather then employing secure mixing techniques. As a result, the five selected services lack implementation of academically proposed techniques and display poor resistance to common mixer-related threats.
This research explores the public Bitcoin mixer ecosystem to identify if today's mixing services have adopted academically proposed solutions. This is done through real-world interactions with publicly available mixers to analyze both implementation and resistance to common threats in the mixing landscape. First, proposed decentralized and centralized mixing protocols found in literature are outlined. Then, data is presented from 19 publicly announced mixing services available on the deep web and clearnet. The services are categorized based on popularity with the Bitcoin community and experiments are conducted on five public mixing services: ChipMixer, MixTum, Bitcoin Mixer, CryptoMixer, and Sudoku Wallet.
The results of the experiments highlight a clear gap between public and proposed Bitcoin mixers in both implementation and security. Today's mixing services focus on presenting users with a false sense of control to gain their trust rather then employing secure mixing techniques. As a result, the five selected services lack implementation of academically proposed techniques and display poor resistance to common mixer-related threats.
ContributorsPakki, Jaswant (Author) / Doupe, Adam (Thesis advisor) / Shoshitaishvili, Yan (Committee member) / Wang, Ruoyu (Committee member) / Arizona State University (Publisher)
Created2020